|Coral India Finance And Housing Limited was incorporated on 4th January 1995 as a public limited company with the main objectives of entering the financial service sector and Housing construction. The Company received the certificate for commencement of business on 31st January, 1995.
a. Construction Activities:
The Company has entered into an agreement with M/s. Standard Fireworks Limited, for purchase of land at Ghodbunder Road, Thane (Maharashtra), admeasuring about 14700 sq.ft. for a consideration of Rs.3.11 Crores. The Company has already paid an advance amount of Rs.61 Lacs. The Company has applied to various authorities and is awaiting to get their respective permission/clearances to start the construction of the project known as 'CORAL ORCHIDS'.
i. DEOLALI (NASIK) PROJECT
The Company has already acquired land admeasuring 12500 sq.mts. by paying an amount of Rs.45 Lacs being the full and final consideration. The development work at the site has already commenced and the project
is known as 'CORAL GARDENS'.
ii. CHEMBUR PROJECT
The Company has entered into an agreement with M/s. Kelani Builders and Developers Pvt. Ltd. for acquiring 435 sq.mts. of prime land for a consideration of Rs.190 Lacs and has paid an advance of Rs.100 Lacs. The Company has applied to the appropriate authority to get the No Objection Certificate. This project is known as 'CORAL PLAZA'.
Investment Policies & Delegation of Powers:
Investment Policies and the decision making powers in respect of Investment of funds is entirely at the discretion of the Board of Directors.
2002-Coral India Finance & Housing Ltd has informed that Mrs Meeta S Sheth has resigned as Managing Director but will continue to be a Director. Mr Navin B Doshi Chairman of the Company has been appointed as Managing Director of the Company w e f June 01, 2002.